UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 31, 2018 Date of Report (Date of earliest event reported) Apollo Global Management, LLC (Exact name of registrant as specified in its charter) Delaware (State of Incorporation) (Commission File Number) (IRS Employer 9 West 57 th Street, 43 rd Floor New York, New York (Address of principal executive offices) (Zip Code) (212) (Registrant's telephone number, including area code) N/A (Former Name or Former Address, if Changed Since Last Report) Identification Number) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: owritten communications pursuant to Rule 425 under the Securities Act (17 CFR ) osoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) opre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) opre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR ) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR b-2). Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

2 Item 2.02 Results of Operations and Financial Condition. On October 31, 2018, Apollo Global Management, LLC issued a summary press release and a detailed earnings presentation announcing its financial results for the third quarter ended September 30, A copy of the summary press release and the earnings presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference. Item 9.01 (d) Financial Statements and Exhibits. Exhibits Exhibit No. Description Exhibit 99.1 Summary press release of Apollo Global Management, LLC, dated October 31, 2018 Exhibit 99.2 Earnings presentation of Apollo Global Management, LLC, dated October 31, 2018 The information included in this Current Report on Form 8-K (including the exhibits hereto) is being furnished under Item 2.02, "Results of Operations and Financial Condition" and Item 9.01 Financial Statements and Exhibits of Form 8-K. As such, the information (including the exhibits) herein shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. APOLLO GLOBAL MANAGEMENT, LLC Date: October 31, 2018 By: /s/ Martin Kelly Martin Kelly Chief Financial Officer

4 EXHIBIT INDEX Exhibit No. Description Exhibit 99.1 Summary press release of Apollo Global Management, LLC, dated October 31, 2018 Exhibit 99.2 Earnings presentation of Apollo Global Management, LLC, dated October 31, 2018

5 Exhibit 99.1 Apollo Global Management, LLC Reports Third Quarter 2018 Results New York, October 31, 2018 Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, Apollo ) today reported results for the third quarter ended September 30, Apollo s financial results for the third quarter of 2018 were driven by solid investment performance across each of our businesses, which underscores the strength of our integrated global investment platform, said Leon Black, Chairman and Chief Executive Officer. Apollo s third quarter Fee-Related Earnings of $0.48 per share, which is the key foundational component of our quarterly cash distribution, grew by 20% year-over-year, and is bolstered by a large base of long-dated and permanent capital. Apollo issued a full detailed presentation of its third quarter ended September 30, 2018 results, which can be viewed through the Shareholders section of Apollo s website at Distributions Apollo has declared a cash distribution of $0.46 per Class A share for the third quarter ended September 30, This distribution will be paid on November 30, 2018 to holders of record at the close of business on November 20, Apollo intends to distribute to its shareholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by its manager to be necessary or appropriate to provide for the conduct of its business. Apollo has declared a cash distribution of $ per Series A Preferred share and Series B Preferred share, which will be paid on December 17, 2018 to holders of record at the close of business on November 30, The declaration and payment of distributions on Class A shares, Series A Preferred shares and Series B Preferred shares are at the sole discretion of Apollo s manager. Apollo cannot assure its shareholders that they will receive any distributions in the future. Conference Call Apollo will host a conference call on Wednesday, October 31, 2018 at 10:00 a.m. Eastern Time. During the call, members of Apollo s senior management team will review Apollo s financial results for the third quarter ended September 30, The conference call may be accessed by dialing (888) (U.S. domestic) or +1 (615) (international), and providing conference call ID when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Shareholders section of Apollo s website at Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximately two hours after the live broadcast by dialing (800) (U.S. callers) or +1 (404) (non-u.s. callers), passcode To access the audio webcast, please visit Events in the Shareholders section of Apollo s website at About Apollo Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $270 billion as of September 30, 2018 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit Forward-Looking Statements In this press release, references to Apollo, we, us, our and the Company refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo s 1

6 expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words believe, anticipate, estimate, expect, intend and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assets funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled Risk Factors in Apollo s annual report on Form 10-K filed with the Securities and Exchange Commission (the SEC ) on February 12, 2018, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC s website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund. Investor and Media Relations Contacts For investor inquiries regarding Apollo, please contact: Gary M. Stein Head of Corporate Communications Apollo Global Management, LLC gstein@apollo.com For media inquiries regarding Apollo, please contact: Charles Zehren Rubenstein Associates, Inc. for Apollo Global Management, LLC czehren@rubenstein.com 2

7 Exhibit 99.2 A P O L L O G L O B A L M A N A G E M E N T Apollo Global Management, LLC Third Quarter 2018 Earnings October 31, 2018

8 Apollo 3Q'18 Financial Results Highlights ($ in millions, except per share data) 3Q'18 Per Share YTD'18 Per Share GAAP Net Income $362.7 N/A $397.2 N/A Results Net Income Attributable to Apollo Global Management, LLC $162.4 $0.77 $154.4 $0.70 Class A Shareholders ($ in millions, except per share data) 3Q'18 Per Share YTD'18 Per Share 1 Non-GAAP Economic Net Income ( ENI ) $334.1 $0.83 $321.5 $0.80 Measures Fee Related Earnings ( FRE ) $197.1 $0.48 $515.6 $1.25 & Distribution Distributable Earnings ( DE ) After Taxes and Related Payables $226.0 $0.55 $635.4 $1.54 Declared 3Q'18 distribution of $0.46 per Class A share and equivalent (payout ratio of 84%) Total Assets Under Management ( AUM ) of $270.2 billion Fee-Generating AUM ( FGAUM ) of $203.6 billion Assets Under Management Performance Fee-Eligible AUM ( PFEAUM ) of $121.7 billion and Performance Fee-Generating AUM ( PFGAUM ) of $61.5 billion Dry Powder of $48.2 billion available for investment Inflows: $6.0 billion of capital inflows ($45.9 billion LTM2) Deployment: $2.2 billion invested ($15.9 billion LTM) Business Drivers Realizations: $1.7 billion of capital returned to investors ($13.4 billion LTM) Performance: Credit Gross Return3 1.7% (6.6% LTM) Private Equity Fund Appreciation 2.3% (10.4% LTM) Note: This presentation contains non-gaap financial information and defined terms which are described on pages 33 to 36. The non-gaap financial information contained herein is reconciled to GAAP financial information on pages 5, 20 and 25. 1) Includes $155.6 million ($0.39 per share) and $14.2 million ($0.04 per share) related to an increase in the fair value of Athene for the periods 3Q'18 and YTD 18, respectively. 2) LTM refers to the last twelve months ended September 30, ) Represents total Credit gross return, excluding assets managed by Athene Asset Management, LLC ( AAM ) that are not directly invested in Apollo funds or sub-advised by Apollo. Total Credit net return was 1.4% for 3Q'18 and 5.5% for LTM. 1

9 GAAP Consolidated Statements of Operations (Unaudited) Net Income was $362.7 million for the quarter ended September 30, 2018; Net Income Attributable to Apollo Global Management, LLC (Class A shares) was $162.4 million for the quarter ended September 30, 2018 ($ in thousands, except share data) 3Q'17 2Q'18 3Q'18 YTD'17 YTD'18 Revenues: Management fees $301,443 $341,626 $358,750 $852,291 $987,102 Advisory and transaction fees, net 16,209 15,440 13,154 54,905 42,145 Investment income: Performance allocations 336, , , , ,776 Principal investment income 47,488 22,175 16, ,877 25,334 Total investment income 384, , , , ,110 Incentive fees 9,670 14,990 4,818 23,563 23,593 Total Revenues 711, , ,731 1,843,532 1,207,950 Expenses: Compensation and benefits: Salary, bonus and benefits 108, , , , ,623 Equity-based compensation 24,485 37,784 50,334 70, ,643 Profit sharing expense 137,296 70,545 63, , ,327 Total Compensation and Benefits 270, , , , ,593 Interest expense 13,303 15,162 15,209 39,497 44,168 General, administrative and other 68,149 62,517 70, , ,851 Placement fees 5, ,560 1,384 Total Expenses 357, , , , ,996 Other Income (Loss): Net gains (losses) from investment activities 68,932 (67,505) 155, ,936 20,645 Net gains from investment activities of consolidated variable interest entities 845 9,213 13,001 11,085 28,746 Interest income 1,504 4,547 5,411 2,929 13,517 Other income (loss), net 25,387 (5,443) 3,085 44,776 1,888 Total Other Income (Loss) 96,668 (59,188) 176, ,726 64,796 Income before income tax provision 450, , ,784 1,037, ,750 Income tax provision (16,542) (18,924) (19,092) (54,926) (46,596) Net Income 434, , , , ,154 Net income attributable to Non-Controlling Interests (231,411) (80,200) (191,171) (542,507) (220,285) Net Income Attributable to Apollo Global Management, LLC 202,952 63, , , ,869 Net income attributable to Series A Preferred Shareholders (4,383) (4,383) (4,383) (9,155) (13,149) Net income attributable to Series B Preferred Shareholders (4,569) (4,781) (9,350) Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $198,569 $54,658 $162,357 $430,673 $154,370 Distributions Declared and Paid per Class A Share $0.52 $0.38 $0.43 $1.46 $1.47 Net Income Per Class A Share: Net Income Available to Class A Share Basic $1.00 $0.25 $0.77 $2.19 $0.70 Net Income Available to Class A Share Diluted $1.00 $0.25 $0.77 $2.19 $0.70 Weighted Average Number of Class A Shares Outstanding Basic 192,882, ,711, ,347, ,014, ,837,707 Weighted Average Number of Class A Shares Outstanding Diluted 192,882, ,711, ,347, ,014, ,837,707 2

10 GAAP Consolidated Statements of Financial Condition (Unaudited) ($ in thousands, except share data) As of As of September 30, 2018 December 31, 2017 Assets: Cash and cash equivalents $854,574 $751,273 Restricted cash 3,460 3,875 U.S. Treasury securities, at fair value 390, ,649 Investments (includes performance allocations of $1,435,233 and $1,828,930 as of September 30, 2018 and December 31, 2017, respectively) 3,415,165 3,559,834 Assets of consolidated variable interest entities 1,301,229 1,328,586 Incentive fees receivable 7,710 43,176 Due from related parties 335, ,588 Deferred tax assets 348, ,638 Other assets 207, ,757 Goodwill 88,852 88,852 Intangible assets, net 18,877 18,842 Total Assets $6,972,158 $6,991,070 Liabilities and Shareholders Equity Liabilities: Accounts payable and accrued expenses $82,008 $68,873 Accrued compensation and benefits 159,516 62,474 Deferred revenue 182, ,146 Due to related parties 412, ,013 Profit sharing payable 684, ,276 Debt 1,361,024 1,362,402 Liabilities of consolidated variable interest entities 954,259 1,117,721 Other liabilities 142, ,369 Total Liabilities 3,978,329 4,093,274 Shareholders Equity: Apollo Global Management, LLC shareholders equity: Series A Preferred shares, 11,000,000 shares issued and outstanding as of September 30, 2018 and December 31, , ,398 Series B Preferred shares, 12,000,000 and 0 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively 289,815 Class A shares, no par value, unlimited shares authorized, 201,089,465 and 195,267,669 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of September 30, 2018 and December 31, 2017 Additional paid in capital 1,350,331 1,579,797 Accumulated deficit (273,535) (379,460) Accumulated other comprehensive loss (3,600) (1,809) Total Apollo Global Management, LLC shareholders equity 1,627,409 1,462,926 Non-Controlling Interests in consolidated entities 271, ,086 Non-Controlling Interests in Apollo Operating Group 1,095,041 1,294,784 Total Shareholders Equity 2,993,829 2,897,796 Total Liabilities and Shareholders Equity $6,972,158 $6,991,070 3

11 Summary of Non-GAAP Measures ($ in thousands, except per share data) 3Q'17 2Q'18 3Q'18 YTD'17 YTD'18 Management Fees $282,434 $325,864 $339,905 $801,395 $937,972 Advisory and Transaction Fees, Net 16,209 15,580 12,972 54,905 41,546 Performance Fees 346, , , , ,437 Principal Investment Income 48,014 22,792 17, ,447 27,926 Total Segment Revenues 693, , ,157 1,794,593 1,151,881 Salary, Bonus and Benefits 101, , , , ,565 Equity-Based Compensation 17,058 16,033 19,951 51,369 53,342 Profit Sharing Expense 131,445 96,780 86, , ,565 Other Expenses 66,325 55,987 64, , ,432 Total Segment Expenses 315, , , , ,904 Segment Other Income (Loss) Net of Non-Controlling Interests 80,975 (84,681) 147, ,962 (11,062) Economic Income1 $458,371 $147,113 $371,697 $1,039,083 $413,915 Taxes (22,356) (29,690) (28,451) (83,125) (69,877) Preferred Distributions (4,383) (8,952) (9,164) (9,155) (22,499) Economic Net Income $431,632 $108,471 $334,082 $946,803 $321,539 Per Share $1.07 $0.27 $0.83 $2.35 $0.80 Fee Related Earnings $162,189 $185,671 $197,058 $437,128 $515,628 Per Share2 $0.40 $0.45 $0.48 $1.07 $1.25 Distributable Earnings $185,131 $241,022 $244,902 $682,442 $692,677 Taxes and Related Payables3 (7,272) (13,838) (9,734) (20,344) (34,770) Preferred Distributions (4,383) (8,952) (9,164) (9,155) (22,499) Distributable Earnings After Taxes and Related Payables $173,476 $218,232 $226,004 $652,943 $635,408 Per Share of Common & Equivalent2 $0.42 $0.53 $0.55 $1.59 $1.54 Net Distribution per Share of Common & Equivalent2 $0.39 $0.43 $0.46 $1.40 $1.27 Payout Ratio 93% 81% 84% 88% 82% 1) 3Q 17 and YTD 17 includes $19.0 million in proceeds received in connection with the Company s early termination of a lease and YTD 17 includes $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding, which were recorded in Other income (loss). 2) Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions (collectively referred to as common & equivalents ). See page 27 for details regarding the shareholder distribution and page 28 for the share reconciliation. 3) Represents the estimated current corporate, local and non-u.s. taxes as well as the payable under Apollo s tax receivable agreement. DE After Taxes and Related Payables is calculated after current taxes and the impact of the tax receivable agreement ( TRA ). The TRA component of taxes used in calculating DE After Taxes was previously estimated based on the tax asset used to reduce the prior year s tax liability. In 2018, the DE effective tax rate, using this estimation methodology, results in an increase in the tax rate despite the significantly reduced federal tax rate under tax reform. We believe it is more meaningful to estimate the current year impact of the TRA component of taxes when calculating DE After Taxes. The impact of this change is not significant to DE After Taxes and Related Payables as previously reported; DE After Taxes and Related Payables would have been $165.3 million and $629.0 million in 3Q'17 and YTD'17, respectively. 4

12 Reconciliation of GAAP to Non-GAAP Measures ($ in thousands) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 GAAP Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $198,569 $184,893 ($62,645) $54,658 $162,357 $430,673 $154,370 Preferred distributions 4,383 4,383 4,383 8,952 9,164 9,155 22,499 Net income (loss) attributable to Non-Controlling Interests in consolidated entities 1,048 (76) 5,979 8,716 11,340 8,967 26,035 Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group 230, ,104 (57,065) 71, , , ,250 GAAP Net Income (Loss) $434,363 $461,304 ($109,348) $143,810 $362,692 $982,335 $397,154 Income tax provision 16, ,019 8,580 18,924 19,092 54,926 46,596 GAAP Income (Loss) Before Income Tax Provision (Benefit) $450,905 $732,323 ($100,768) $162,734 $381,784 $1,037,261 $443,750 Transaction-related charges and equity-based compensation1 8,514 6,707 1,852 (6,905) 1,253 10,789 (3,800) Gain from remeasurement of tax receivable agreement liability (200,240) Net (income) loss attributable to Non-Controlling Interests in consolidated entities (1,048) 76 (5,979) (8,716) (11,340) (8,967) (26,035) Economic Income (Loss) $458,371 $538,866 ($104,895) $147,113 $371,697 $1,039,083 $413,915 Income tax provision on Economic Income (Loss) (22,356) (44,155) (11,736) (29,690) (28,451) (83,125) (69,877) Preferred distributions (4,383) (4,383) (4,383) (8,952) (9,164) (9,155) (22,499) Economic Net Income (Loss) $431,632 $490,328 ($121,014) $108,471 $334,082 $946,803 $321,539 Preferred distributions 4,383 4,383 4,383 8,952 9,164 9,155 22,499 Income tax provision on Economic Income (Loss) 22,356 44,155 11,736 29,690 28,451 83,125 69,877 Performance fees2 (340,401) (498,714) 128,239 (135,093) (119,478) (821,210) (126,332) Profit sharing expense 131, ,496 1,900 96,780 86, , ,565 Equity-based compensation 17,058 16,505 17,358 16,033 19,951 51,369 53,342 Principal investment (income) loss (48,014) (58,504) 12,604 (22,792) (17,738) (104,447) (27,926) Net (gains) losses from investment activities (68,529) 7,846 67,137 67,565 (155,262) (102,620) (20,560) Net interest loss 11,509 9,420 9,941 10,336 9,521 35,564 29,798 Other ,729 1,482 1,668 7,826 Fee Related Earnings $162,189 $187,285 $132,899 $185,671 $197,058 $437,128 $515,628 Realized performance fees3 54, , , ,474 93, , ,807 Realized profit sharing expense3 (35,673) (75,359) (63,647) (69,810) (54,180) (203,479) (187,637) Non-cash management fees (842) (842) (842) (843) (842) (2,527) (2,527) Realized principal investment income 10,339 25,809 23,393 19,373 17,787 42,433 60,553 Net interest loss (11,509) (9,420) (9,941) (10,336) (9,521) (35,564) (29,798) Depreciation and amortization and other 5,825 2,319 2,589 2,493 1,569 10,860 6,651 Distributable Earnings $185,131 $327,560 $206,753 $241,022 $244,902 $682,442 $692,677 Taxes and related payables (7,272) (5,993) (11,198) (13,838) (9,734) (20,344) (34,770) Preferred distributions (4,383) (4,383) (4,383) (8,952) (9,164) (9,155) (22,499) Distributable Earnings After Taxes and Related Payables $173,476 $317,184 $191,172 $218,232 $226,004 $652,943 $635,408 1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment represents non-cash revenues and expenses related to equity awards granted by unconsolidated related parties to employees of Apollo. 2) Excludes performance fees from business development companies. 3) 1Q 18 and YTD 18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 5

13 Fee Related Earnings Rollforward The increase in FRE during 3Q'18 was driven by rising management fees, primarily from Athene as a result of its completion of the reinsurance transaction of the fixed annuity business of Voya Financial, partially offset by increased non-compensation expenses Quarterly Trailing FRE 3Q'18 FRE Bridge ($ in millions) Mgmt Comp Other Fees $3 $6 $197.1 FRE Margin1 $187.3 $185.7 ($9) $14 ($3) Non-Comp Transaction $162.2 Fees $140.5 $132.5 $ % 54% $ % 49% 47% 42% 46% 45% Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q'18 Quarterly Quarterly Average Average Per 2 Share $0.26 $0.33 $0.34 $0.40 $0.46 $0.32 $0.45 $0.03 NM $0.01 ($0.02) $0.01 $0.48 1) FRE margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees, performance fees from business development companies, as well as other income attributable to FRE). 2) Data has not been presented as it was deemed to be not meaningful. 6

14 Credit Commentary Business Drivers Economic Income primarily resulting from the appreciation of Athene Holding (NYSE: ATH) and rising Fee Related Earnings 3Q'18 YTD LTM Credit gross returns2 of 1.7% and 6.6% for the quarter and LTM, respectively, resulting from positive returns across fund categories, with particular strength in Permanent Capital Vehicles Inflows $4.3bn $30.9bn $37.8bn Total Credit AUM rose 16% year-over-year to $183 billion and includes approximately $121 billion in Permanent Capital Vehicles Deployment1 $814mm $2.9bn $5.6bn Diversified capital inflows were generated across fund categories including Drawdown (managed accounts and SCRF), Permanent Capital Vehicles (Athene) and Liquid/Performing (Total Return) Realizations $787mm $4.6bn $6.6bn Capital deployment activity driven by fund investments in European real estate, structured credit and longevity assets, as well as opportunistic investments in 2 the consumer, energy, financials and technology sectors Performance 1.7% 4.3% 6.6% Financial Results Summary Supplemental Information ($ in thousands) 3Q'17 2Q'18 3Q'18 ($ in billions) $183 billion AUM Management fees $187,885 $184,587 $196,507 2 FG PFE PFG Gross Return Category AUM 3 Advisory and transaction fees 4,219 2,284 2,310 AUM AUM AUM 3Q'18 YTD'18 LTM Performance fees 36,310 72,446 17,894 Liquid/Performing4 $50 $38 $24 $17 1.7% 3.2% 4.7% Principal Investment Income 8,222 10,888 6,803 Drawdown5 $27 $15 $21 $8 1.0% 5.8% 10.8% Segment Revenues 236, , ,514 Permanent Capital Vehicles Compensation and benefits 86, ,435 83,039 MidCap, AINV, AFT, AIF $14 $13 $11 $10 4.4% 11.2% 13.6% Other expenses 38,849 33,905 38,766 Athene Non-Sub- $78 $78 Segment Expenses 125, , ,805 Advised6 Other Income (Loss) 70,916 (55,133) 109,485 Athora Non-Sub- 6 $6 $4 $2 Non-Controlling Interest (1,751) (1,364) (1,187) Advised Economic Income $180,573 $71,368 $210,007 Advisory $8 Fee Related Earnings $115,716 $99,697 $110,102 Total Credit $183 $148 $58 $35 1.7% 4.3% 6.6% 1) Reflects capital deployment activity from Drawdown fund strategies and strategic investment accounts ( SIAs ) that have a defined maturity date and excludes deployment from Liquid/Performing funds, Permanent Capital Vehicles and Advisory assets. 2) Represents gross return as defined in the non-gaap financial information and definitions section of this presentation with the exception of CLO assets in Liquid/Performing which are calculated based on gross return on invested assets, which excludes cash. The 3Q'18 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 1.6%, 0.4%, 3.2% and 1.4%, respectively. The YTD net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 2.8%, 4.2%, 7.7% and 3.5%, respectively. The LTM net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 4.2%, 8.5%, 9.0% and 5.5%, respectively. 3) As of September 30, 2018, $4.7 billion of the performance-fee generating AUM is currently above its hurdle rate or preferred return, but in accordance with the adoption of the revenue recognition standard effective January 1, 2018, recognition of performance fees associated with such performance-fee generating AUM has been deferred to future periods when the fees are probable to not be significantly reversed. 4) Liquid/Performing AUM includes $13.2 billion of CLOs, $8.8 billion of which Apollo earns fees based on gross assets and $4.4 billion of which Apollo earns fees based on net equity. 5) Significant Drawdown funds and SIAs had inception-to-date ( ITD ) gross and net IRRs of 15.6% and 11.8%, respectively, as of September 30, Significant Drawdown funds and SIAs include funds and SIAs with AUM greater than $200 million that do not predominantly invest in other Apollo funds or SIAs. 6) Athene Non-Sub-Advised and Athora Non Sub-Advised reflects total combined AUM of $107.0 billion less $22.6 billion of assets that were either sub- advised by Apollo or invested in funds and investment vehicles managed by Apollo included within other asset categories. 7

15 Private Equity Commentary Business Drivers Economic Income driven by unrealized performance fees primarily from Fund VIII and by investment gains resulting from the appreciation of 3Q'18 YTD LTM Athene Holding (NYSE: ATH) Private equity fund appreciation during the quarter of 2.3%1 was Inflows $510mm $3.9bn $4.4bn primarily driven by publicly traded portfolio company holdings in Fund VIII Deployment $399mm $3.3bn $4.9bn Realization activity primarily driven by the sales of shares of Presidio and PlayAGS, and distributions from Outerwall and Apollo Education Deployed $0.4 billion and committed to invest an additional $4.3 billion Realizations $749mm $3.1bn $4.9bn during the quarter; total committed but not yet deployed capital2 at quarter end was $4.4 billion (excluding co-investments) of which $1.9 1 billion related to energy asset build-ups expected to be deployed over Performance 2.3% 1.2% 10.4% time Financial Results Summary Supplemental Information ($ in thousands) 3Q'17 2Q'18 3Q'18 $72 billion AUM Management fees $76,079 $122,812 $123,304 Advisory and transaction fees 10,572 13,294 5,925 Committed Performance fees 308,448 65, ,751 Dry $4bn2 Powder Principal Investment Income 39,875 11,105 10,328 $35bn Segment Revenues 434, , ,308 Compensation and benefits 152,996 96, ,935 Other expenses 21,956 15,772 19,791 Segment Expenses 174, , ,726 Invested AUM Other Income (Loss) 10,929 (26,392) 39,060 Other $34bn 3 Economic Income $270,951 $74,025 $152,642 $3bn Fee Related Earnings $40,574 $83,918 $77,034 Co-Investments $7bn4 1) Represents private equity fund appreciation (depreciation) as defined in the non-gaap financial information and definitions section of this presentation. 2) Represents capital committed to investments as of September 30, 2018 by Apollo s private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 3) Other represents approximately $3 billion of uncalled commitments which can be called for fund fees and expenses only and are not available for investment or reinvestment subject to the provisions of the applicable fund limited partnership agreements or other governing agreements. 4) Represents AUM related to co-investment vehicles. 8

16 Supplemental Private Equity Fund Information1 Fund VII Fund VIII ANRP II PE Portfolio Composition Vintage Year: 2008 Vintage Year: 2013 Vintage Year: 2016 Fund Size: $14.7bn Fund Size: $18.4bn Fund Size: $3.5bn Private Investments 69% Total Invested: $16.2bn Committed to Date: $17.0bn Committed to Date: $3.0bn Realized Value: $30.5bn Total Invested: $14.7bn Total Invested: $1.8bn Unrealized Value: $3.2bn Realized Value: $5.2bn Realized Value: $799mm Public Total Value: $33.7bn Total Value: $22.3bn Total Value: $2.5bn Investments6 31% Escrow Ratio2: 93% % Committed4: 93% % Committed4: 86% Gross / Net IRR: 34% / 25% Gross / Net IRR: 23% / 16% Gross / Net IRR: 37% / 21% Shares Held (mm) ANRP II $3.2 billion $17.1 billion ADT Security Services (ADT) Unrealized Value Unrealized Value Portfolio Fund VIII Investment Mix by Investment Year Caesars Entertainment (CZR)5 Public Average Life of Investment: 2.5 yrs Investments: Fund VI 45.5 Unrealized Unrealized 53% MOIC: EP Energy (EPE) VST MOIC: Realized TALO 12% 0.9x x Fund VII and ANRP I 62.6 EPE 4% 23% $4.9bn Value Dry $1.3bn $0.8bn Excela Technologies (XELA) XELA Powder Public Debt / 6% Fund VII 28.6 Other 8% $1.6bn Norwegian (NCLH)5 Unrealized Private MOIC: $5.2bn $5.7bn Unrealized Value Fund VI and Fund VII 15.7 Investments 1.2x Unrealized $1.7bn OneMain (OMF) 47% MOIC: Fund VIII x 3 Select Private Investments Select Private Investments3 PlayAGS (AGS) (in order of size as measured by fair value) Unrealized Value by Sector (in order of size as measured by fair value) Fund VIII 12.2 Consumer Services 27% Presidio (PSDO) McGraw Hill Education Media/Telecom/Technology 17% Double Eagle III Fund VIII 44.1 Aurum Financial Services 12% Chisholm Talos Energy (TALO) Endemol Shine Manufacturing & Industrial 12% Northwoods Energy Fund VII and ANRP I 19.2 Aleris Natural Resources 11% Pegasus Vistra Energy (VST) Pinnacle Leisure 9% Phoenix Services Fund VII and ANRP II 30.0 Business Services 8% Consumer & Retail 3% Chemicals and Materials 1% Note: Refer to the definitions of Vintage Year, Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR, Net IRR, and Unrealized MOIC in the non-gaap financial information & definitions section of this presentation. 1) Additional fund performance information is set forth in the investment records on slides of this presentation. 2) For Escrow Ratio definition and related information, please refer to footnote 1 on page 16. 3) Investments selected based on non-performance criteria. 4) Represents the sum of capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. 5) Includes shares held by Athene in associated co-investment vehicles. 6) Excludes shares of Athene Holding held by AAA. The table above includes the public portfolio companies of the private equity segment with a fair value greater than $100 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles. 9

17 Real Assets Commentary Business Drivers Increase in Economic Income driven by higher Fee Related Earnings quarter-over-quarter primarily due to the acquisition of management 3Q'18 YTD LTM contracts for India-based funds and transaction fees from our debt managed accounts U.S. real estate equity funds combined gross return1 of 4.6% in the third Inflows $1.2bn $3.6bn $3.7bn quarter, contributing to a strong LTM gross return of 11.7% driven by appreciation in office, hotel, industrial and manufactured housing Deployment $1.0bn $4.2bn $5.4bn Inflows driven by real estate debt managed accounts and real estate equity funds Realizations $213mm $922mm $1.9bn Deployment for the quarter driven by the real estate debt managed accounts and the commercial mortgage REIT we manage (NYSE: ARI) Realization activity for the quarter driven by the debt managed accounts Performance1 4.6% 10.5% 11.7% and ARI Financial Results Summary Supplemental Information ($ in thousands) 3Q'17 2Q'18 3Q'18 Management fees $18,470 $18,465 $20,094 $15 billion AUM Advisory and transaction fees 1, ,737 Performance fees 1,816 2,544 2,897 Principal Investment Income (Loss) (83) Equity Segment Revenues 21,621 21,810 28,335 $4bn Compensation and benefits 10,135 11,988 13,395 Other expenses 5,520 6,310 6,186 Debt Segment Expenses 15,655 18,298 19,581 $11bn Other Income (Loss) 881 (1,792) 294 Economic Income $6,847 $1,720 $9,048 Fee Related Earnings $5,899 $2,056 $9,922 1) Represents combined gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital. The 3Q'18, YTD and LTM combined net returns for U.S. Real Estate Fund I and U.S. Real Estate Fund II were 3.9%, 8.9% and 9.5%, respectively. U.S. Real Estate Fund I and U.S. Real Estate Fund II s combined inception-to-date gross and net IRRs were 16.6% and 13.1%, respectively, as of September 30,

18 Total AUM & Fee-Generating AUM 3Q'18 Total AUM Rollforward1 3Q'18 Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total ($ in millions) Credit Private Equity Real Assets Total 2Q'18 $183,426 $71,731 $14,295 $269,452 2Q'18 $147,511 $44,449 $10,275 $202,235 Inflows 4, ,163 5,963 Inflows 3, ,175 5,218 Outflows2 (4,733) (4,733) Outflows2 (3,192) (528) (52) (3,772) Net Flows (443) 510 1,163 1,230 Net Flows 574 (251) 1,123 1,446 Realizations (787) (749) (213) (1,749) Realizations (307) (233) (189) (729) Market Activity ,247 Market Activity Q'18 $182,640 $72,157 $15,383 $270,180 3Q'18 $148,326 $44,007 $11,276 $203,609 QoQ Change % 1% 8% % QoQ Change 1% (1%) 10% 1% Total AUMf Highlights Fee-Generating AUM Highlights Inflows: Liquid/Performing funds ($2.0 billion); Net change in Athene assets ($1.5 Inflows: Net change in Athene assets ($1.5 billion); Liquid/Performing funds ($1.4 billion); and Drawdown funds ($791 million) Outflows: Advisory ($2.2 billion); billion); and fee-generating deployment ($691 million) Outflows: Liquid/ Credit Liquid/Performing ($1.3 billion); and net segment transfers ($1.0 billion) Credit Performing funds ($1.3 billion); net change in fee basis ($864 million) and net Realizations: COF III ($224 million); EPF II ($173 million); and FCI I ($125 million) segment transfers ($700 million) Realizations: EPF II ($179 million) Market Market activity: Appreciation driven by Liquid/Performing funds ($359 million) activity: Appreciation driven by Liquid/Performing funds ($377 million) Net segment transfers ($287 million) Fund VIII ($628 Private Inflows: Realizations: Private Inflows: Fee-generating capital deployment ($238 million) Outflows: Net million) Fund VIII ($487 million) and co-investment vehicles Market Activity: change in fee basis ($528 million) Realizations: Fund VIII ($214 million) Equity ($141 million) Equity Inflows: Net segment transfers ($732 million) and acquisition of management Inflows: Net segment transfers ($661 million); acquisition of management contracts for India-based funds ($261 million) Realizations: Real estate debt contracts for India-based funds ($310 million) and fee-generating deployment Real Assets ($185 million) Market Activity: Appreciation driven by real estate debt ($87 Real Assets ($114 million) Realizations: Real estate debt ($177 million) million) and real estate equity ($51 million) LTM Total AUM Rollforward1 LTM Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total ($ in millions) Credit Private Equity Real Assets Total 3Q'17 $157,925 $70,469 $13,171 $241,565 3Q'17 $126,907 $30,067 $9,284 $166,258 Inflows 37,791 4,404 3,746 45,941 Inflows 33,833 24,993 2,801 61,627 Outflows2 (9,043) (190) (101) (9,334) Outflows2 (10,714) (10,121) (106) (20,941) Net Flows 28,748 4,214 3,645 36,607 Net Flows 23,119 14,872 2,695 40,686 Realizations (6,567) (4,918) (1,882) (13,367) Realizations (2,991) (1,001) (928) (4,920) Market Activity 2,534 2, ,375 Market Activity 1, ,585 3Q'18 $182,640 $72,157 $15,383 $270,180 3Q'18 $148,326 $44,007 $11,276 $203,609 YoY Change 16% 2% 17% 12% YoY Change 17% 46% 21% 22% 1) Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2) Included in the 3Q'18 outflows for Total AUM and FGAUM are $1.3 billion and $1.3 billion of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $2.0 billion and $1.9 billion of redemptions, respectively. 11

19 Performance Fee-Eligible & Performance Fee-Generating AUM Performance Fee-Eligible AUM $122 billion Performance Fee-Eligible AUM ($ in millions) Segment 3Q'17 2Q'18 3Q'18 Uninvested Performance Credit $54,283 $57,429 $58,129 Fee-Eligible AUM $48.0bn Private Equity 59,995 60,550 60,837 Real Assets 2,479 2,344 2,741 Currently Total $116,757 $120,323 $121,707 $61.5bn Generating Performance $12.2bn Fees Performance Fee-Generating AUM ($ in millions) Segment 3Q'17 2Q'18 3Q'18 Not Currently Generating 1 Credit $26,634 $30,043 $35,350 Performance Fees Private Equity 25,213 25,371 25,518 ($ in billions) Invested AUM Investment Appreciation Real Assets Category / Fund Not Currently Period Active Required to Generating 2 Achieve Performance >24 Months 3,4 Total $52,650 $55,982 $61,526 Performance Fees Fees Drawdown $3.6 $2.7 48% 3Q'18 Performance Fee-Generating to 3.5 < 250bps Performance Fee-Eligible AUM Reconciliation Liquid/Performing bps ($ in millions) 0.4 > 500bps Credit Private Equity Real Assets Total Athora Non-Sub- 0.4 < 250bps Advised Performance Fee- $35,350 $25,518 $658 $61,526 Generating AUM Credit % + Uninvested PFE AUM 12,974 33,598 1,439 48,011 ANRP I % + Invested AUM Not Other PE % Currently Generating 9,805 1, ,170 Private Equity % Performance Fees Real Assets > 250bps Performance Fee- $58,129 $60,837 $2,741 $121,707 Eligible AUM Total $12.2 $8.5 1) As of September 30, 2018, $4.7 billion of the performance-fee generating AUM is currently above its hurdle rate or preferred return, but in accordance with the adoption of the revenue recognition standard effective January 1, 2018, recognition of performance fees associated with such performance-fee generating AUM has been deferred to future periods when the fees are probable to not be significantly reversed. 2) Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of September 30, ) Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. 4) All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 12

20 Capital Deployment & Dry Powder Capital deployed in drawdown style funds and accounts across Apollo s global integrated investment platform totaled $2.2 billion for the quarter and $10.4 billion for the nine months ended September 30, 2018 Dry Powder of $48.2 billion at the end of the quarter, including $20.2 billion of AUM with future management fee potential Capital Deployment Dry Powder Composition ($ in millions) ($ in billions) Segment 3Q'18 YTD LTM Credit1 $814 $2,938 $5,638 Private Real Fund VIII Private Equity 399 3,254 4,867 Equity Other PE Assets $4.1 $6.0 $1.5 Real Assets 1,034 4,193 5,374 $34.8 Total $2,247 $10,385 $15,879 $48 3Q'18 Highlights billion Drawdown Fund IX $10.5 Credit Driven by investments in structured credit, longevity assets, $24.7 $11.9 Credit as well as opportunistic investments in the energy, financials, and consumer discretionary sectors Liquid/ Performing Driven by investments across energy asset platforms and the $1.3 Private Equity initial investment activity in Hybrid Value Fund Permanent Capital Vehicles Real Assets Driven by real estate debt managed accounts and ARI $0.2 1) Reflects capital deployment activity from Drawdown fund strategies and SIAs that have a defined maturity date and excludes deployment from Liquid/Performing funds, Permanent Capital Vehicles and Advisory assets. 13

21 Segment Balance Sheet Highlights At September 30, 2018, Apollo had $1.2 billion in cash and cash equivalents and U.S. Treasury securities, $750 million of net performance fees receivable, $1.1 billion of general partner and other investments and a $971 million investment in Athene and AAA, for a total net value of $4.1 billion Long-term debt of $1.4 billion (with maturities in 2024, 2026 and 2048) and an undrawn $750 million revolving credit facility (expiring in 2023) Unfunded general partner commitments totaled $1.4 billion at September 30, 2018, of which $692 million related to Fund IX1 Aggregate share repurchases under previously announced plan totaled $187 million through September 30, 2018 Summary Balance Sheet2 Share Repurchase Activity - 1Q'16 through 3Q'186 Inception to ($ in millions) 3Q'18 ($ and share amounts in millions) Date Cash and cash equivalents $855 Open Market Share Repurchases 2.8 U.S. Treasury securities, at fair value Performance fees receivable 1,435 Reduction of Shares Issued to participants Profit sharing payable (685) Total Shares Purchased 8.0 GP & Other Investments4 1,090 Athene/AAA5 971 Total Capital Used for Share Purchases $187 Total Net Value $4,056 Share Repurchase Plan Authorization8 $250 Debt ($1,361) 9 Unfunded Future Commitments $1,383 Average Price Paid Per Share $ ) Unfunded general partner commitments related to Fund IX are subject to future syndication to Apollo employees. 2) Amounts are presented on an unconsolidated basis. 3) Profit sharing payable excludes profit sharing expected to be settled in the form of equity-based awards. 4) Represents Apollo s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. 5) Investment in Athene/AAA primarily comprises Apollo s direct investment of 19.2 million shares (subject to a discount due to a lack of marketability, as applicable) of Athene Holding valued at a weighted average of $50.64 per share and 1.6 million shares of AAA valued at NAV. 6) Since 1Q 16, the Company in its discretion has elected to repurchase 1.3 million Class A shares for $39.7 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the February 2016 repurchase plan described in footnote 8 below and accordingly are not reflected in the above share repurchase activity table. 7) Represents a reduction in Class A shares to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company s 2007 Omnibus Equity Incentive Plan (the Plan ), which the Company refers to as net share settlement. 8) In February 2016, the Company announced a plan to repurchase up to $250 million in the aggregate of its Class A shares, which includes up to $150 million through a share repurchase program and up to $100 million through net share settlement of equity-based awards granted under the Plan. The Company intends to continue the net share settlement program in excess of the $100 million pursuant to the February 2016 repurchase plan. 9) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 14

22 Net Performance Fee Receivable & Investment Rollforwards The net performance fee receivable balance decreased modestly quarter-over-quarter, while the investments balance increased as a result of an increase in the fair value of Athene Net Performance Fee Receivable 3Q'18 Net Performance Fee Receivable Investments Trailing 4-Quarters Rollforward Balance Rollforward (Per Share1) Athene +$0.38 Other $4.98 $2.74 ($0.02) Unrealized Mark-To- $4.62 Market Net Realized $2.12 Gains Performance +$0.15 Fees Other $1.83 $1.83 $1.81 ($0.11) ($0.06) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 2Q'18 3Q'18 In Millions $869 $1,122 $756 $756 $64 ($46) ($24) $750 $1,911 $156 ($6) $2,061 Note: All per share figures calculated using Distributable Earnings Shares Outstanding. 1) Ending per share amounts in the rollforwards may not sum as the starting and ending points are based on the applicable period s share count. 15

23 Performance Fees Receivable & Performance Fees Detail As of 3Q'18 YTD'18 September 30, 2018 Performance Fees Unrealized Realized Total Unrealized Realized Total Receivable on an Performance Performance Performance Performance Performance Performance ($ in thousands) Unconsolidated Basis Fees Fees Fees Fees Fees Fees Private Equity Fund VIII $793,898 $17,836 $71,328 $89,164 ($223,101) $205,212 ($17,889) Fund VII 71,726 1 (37,060) 588 (36,472) 1,195 6,679 7,874 Fund VI 39, , ,868 (1,524) 2, Fund IV and V 3 (263) (263) ANRP I and II 38,532 1,3 15, ,002 (4,621) 8,113 3,492 AAA / Other2 67,933 5,718 3,734 9,452 (175,872) 186,217 10,345 Total Private Equity $1,011,764 $29,005 $76,746 $105,751 ($403,235) $408,662 $5,427 Total Private Equity, net of profit sharing expense 610,538 20,468 35,193 55,661 (280,519) 233,383 (47,136) Credit Drawdown $278,551 3 ($28,127) $15,493 ($12,634) ($25,869) $73,774 $47,905 Liquid/Performing 18,489 5, ,980 17,995 10,766 28,761 Permanent Capital Vehicles 98,613 17,484 7,064 24,548 38,338 18,104 56,442 Total Credit $395,653 ($4,896) $22,790 $17,894 $30,464 $102,644 $133,108 Total Credit, net of profit sharing expense 125,576 (3,487) 10,711 7,224 13,108 46,857 59,965 Real Assets U.S. RE Fund I and II $20,066 $2,581 $185 $2,766 $2,771 $1,448 $4,219 Other2 7,081 (243) (3,356) 5,039 1,683 Total Real Assets $27,147 $2,338 $559 $2,897 ($585) $6,487 $5,902 Total Real Assets, net of profit sharing expense 13, (962) 3,293 2,331 Total $1,434,564 $26,447 $100,095 $126,542 ($373,356) $517,793 $144,437 Total, net of profit sharing expense $749,970 4 $17,544 $45,915 $63,459 ($268,373) $283,533 $15,160 1) As of September 30, 2018, the remaining investments and escrow cash of Fund VII, Fund VI and ANRP II were valued at 93%, 90%, and 108% of the fund s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of September 30, 2018, Fund VII had $128.5 million of gross performance fees, or $73.1 million net of profit sharing, in escrow. As of September 30, 2018, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of September 30, 2018, ANRP II had $18.4 million of gross performance fees, or $11.2 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI and ANRP II, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds partnership agreements. 2) YTD 18 includes realized performance fees of $169.9 million ($123.3 million net of profit sharing expense) from AAA, settled in the form of shares of Athene Holding. Other includes certain SIAs. 3) As of September 30, 2018, certain credit funds and certain private equity funds had $41.1 million and $41.7 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain credit funds and certain private equity funds was $297.4 million and $247.7 million, respectively, as of September 30, ) There was a corresponding profit sharing payable of $684.6 million as of September 30, 2018, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $77.7 million. 16

24 Permanent Capital Vehicles As of September 30, 2018, Apollo had $126.0 billion of AUM across seven Permanent Capital Vehicles Apollo generated $555.6 million of fee related revenue from Permanent Capital Vehicles during the twelve months ended September 30, 2018, representing 41% of total fee related revenue The compound annualized growth rate ( CAGR ) of permanent capital AUM since 2010 was 45% as of September 30, 2018 Permanent Capital AUM Supplemental Information ($ in billions) ($ in millions, except where noted) 3Q'18 $126 Athene1 $99,008 MidCap 8,423 Athora1 8,002 $87 Apollo Commercial Real Estate Finance (ARI) 5,224 $72 Apollo Investment Corp (AINV)/Other2 4,503 45% 47% 47% Apollo Senior Floating Rate Fund (AFT) % Apollo Tactical Income Fund (AIF) 385 $25 Total AUM in Permanent Capital Vehicles $125,971 10% $7 LTM Fee Related Revenue from Permanent Capital $555, Q'18 Vehicles ($ in thousands) Permanent CapitalPerio AUMd Ending % of Total AUM % of Total Fee Related Revenue 41% 1) See page 18 for additional information regarding assets for which Apollo manages or provides investment advisory services through accounts owned by or related to Athene and Athora as of September 30, ) Includes $2.0 billion of AUM related to a non-traded business development company. 17

25 Athene and Athora Through its subsidiaries, Apollo managed or advised $107.0 billion of combined AUM in accounts owned by or related to Athene and Athora as of September 30, 2018 Of the total Athene and Athora AUM, $22.6 billion, or 21%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo During the quarter, $2.1 billion of Athene and Athora AUM moved from non-sub-advised to sub-advised by Apollo, bringing the total amount of new sub-advised AUM for the twelve months ended September 30, 2018 to $7.2 billion Apollo will continue to seek attractive investment opportunities that are consistent with Athene s and Athora s investment objectives Athene and Athora AUM Sub-Advised AUM by Asset Category $8 ($ in billions) ($ in billions) 3Q'18 Credit $14.7 $5 Liquid/Performing 13.5 Drawdown 1.2 $99 Private Equity $1.1 $66 $60 Real Assets $6.8 Debt 5.7 Equity 1.1 $2 $ Q'18 Total $22.6 Athene AUM Athora AUM 18

26 Appendix

27 Reconciliation of GAAP to Non-GAAP Measures ($ in thousands) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Total Revenues (GAAP) $711,720 $928,271 $166,903 $523,316 $517,731 $1,843,532 $1,207,950 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (19,832) (22,706) (18,913) (20,200) (23,019) (53,234) (62,132) Adjustments related to consolidated funds and VIEs 1, ,639 1,979 2,445 4,295 6,063 Total Segment Revenues1 $693,231 $905,887 $149,629 $505,095 $497,157 $1,794,593 $1,151,881 Total Expenses (GAAP) $357,483 $392,052 $214,875 $301,394 $312,727 $967,997 $828,996 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (19,832) (22,706) (18,735) (19,836) (23,153) (53,234) (61,724) Transaction-related compensation charges (7,543) (5,760) (892) 7,854 (206) (6,409) 6,756 Reclassification of interest expense1 (13,302) (13,377) (13,797) (15,162) (15,209) (39,496) (44,168) Amortization of transaction-related intangibles (971) (943) (960) (949) (1,047) (4,386) (2,956) Total Segment Expenses1 $315,835 $349,266 $180,491 $273,301 $273,112 $864,472 $726,904 Total Other Income (Loss), net (GAAP) $96,668 $196,104 ($52,796) ($59,188) $176,780 $161,726 $64,796 Reclassification of interest expense2 (13,302) (13,377) (13,797) (15,162) (15,209) (39,496) (44,168) Adjustments related to consolidated funds and VIEs (640) 893 (6,225) (8,967) (12,732) (10,024) (27,924) Gain from remeasurement of tax receivable agreement liability (200,240) Total Segment Other Income (Loss)1 $82,726 ($16,620) ($72,818) ($83,317) $148,839 $112,206 ($7,296) 1) For details of Total Segment Revenues, Total Segment Expenses and Total Segment Other Income (Loss), refer to slide 21. 2) For EI presentation purposes, interest income is presented net of interest expense as a component of other income. 20

28 Non-GAAP Measures The following table sets forth Apollo s total segment revenues for the combined segments ($ in thousands) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Total Segment Revenues: Management fees $282,434 $280,920 $272,203 $325,864 $339,905 $801,395 $937,972 Advisory and transaction fees, net 16,209 62,719 12,994 15,580 12,972 54,905 41,546 Performance fees: Unrealized 285, ,946 (420,422) 20,619 26, ,619 (373,356) Realized 60, , , , , , ,793 Total performance fees 346, ,744 (122,964) 140, , , ,437 Principal investment income (loss) 48,014 58,504 (12,604) 22,792 17, ,447 27,926 Total Segment Revenues $693,231 $905,887 $149,629 $505,095 $497,157 $1,794,593 $1,151,881 The following table sets forth Apollo s total segment expenses for the combined segments ($ in thousands) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Total Segment Expenses: Salary, bonus and benefits $101,007 $99,867 $106,531 $104,501 $101,533 $294,288 $312,565 Equity-based compensation 17,058 16,505 17,358 16,033 19,951 51,369 53,342 Profit sharing expense: Unrealized 94,446 94,734 (123,011) 9,125 8, ,585 (104,983) Realized1 35,673 75, ,270 69,810 54, , ,260 Equity-based2 1,326 1,403 14,641 17,845 23,802 2,657 56,288 Total Profit Sharing Expense 131, ,496 1,900 96,780 86, , ,565 Non-compensation expenses: General, administrative and other 60,928 60,045 54,375 55,676 63, , ,048 Placement fees 5,397 1, ,560 1,384 Total Non-Compensation Expenses 66,325 61,398 54,702 55,987 64, , ,432 Total Segment Expenses $315,835 $349,266 $180,491 $273,301 $273,112 $864,472 $726,904 The following table sets forth Apollo s total segment other income for the combined segments ($ in thousands) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Total Segment Other Income (Loss): Net gains (losses) from investment activities $68,529 ($7,846) ($67,137) ($67,565) $155,262 $102,620 $20,560 Net interest loss (11,509) (9,420) (9,941) (10,336) (9,521) (35,564) (29,798) Other income (loss), net 25, ,260 (5,416) 3,098 45,150 1,942 Total Segment Other Income (Loss) $82,726 ($16,620) ($72,818) ($83,317) $148,839 $112,206 ($7,296) 1) The Company issues restricted shares or RSUs to settle a portion of the expense of certain equity-based profit sharing arrangements. The fair value of the awards granted in connection with these arrangements was $4.3 million, $2.4 million, $11.8 million, $9.2 million, $3.8 million, $11.5 million and $24.8 million during the periods 3Q 17, 4Q 17, 1Q 18, 2Q 18, 3Q 18, YTD 17 and YTD 18, respectively, and is recognized as equity-based profit sharing expense over a three-year vesting period. 2) Includes $12.4 million, $14.5 million, $19.3 million and $46.2 million of expense related to grants of equity-based awards to certain executives for the periods 1Q 18, 2Q 18, 3Q 18 and YTD 18, respectively. These awards generally vest over three to five years on an accelerated recognition method over the vesting period. 21

29 Credit ($ in thousands, except where noted) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Management fees $187,885 $186,108 $183,070 $184,587 $196,507 $516,083 $564,164 Advisory and transaction fees, net 4,219 20,249 2,348 2,284 2,310 10,484 6,942 Performance fees: Unrealized 4,179 13,803 27,711 7,649 (4,896) 37,422 30,464 Realized 32,131 76,787 15,057 64,797 22, , ,644 Total performance fees 36,310 90,590 42,768 72,446 17, , ,108 Principal investment income 8,222 7,157 5,409 10,888 6,803 20,561 23,100 Total Revenues 236, , , , , , ,314 Salary, bonus and benefits 59,027 58,439 61,074 57,894 57, , ,662 Equity-based compensation 9,925 9,198 9,727 8,311 11,525 28,255 29,563 Profit sharing expense: Unrealized 2, ,713 3,052 (1,409) 17,408 17,356 Realized 14,643 26,633 6,602 37,106 12,079 51,168 55,787 Equity-based ,791 2,072 3,150 1,387 7,013 Total Profit Sharing Expense 17,427 27,982 24,106 42,230 13,820 69,963 80,156 Non-compensation expenses: General, administrative and other 35,709 39,815 33,135 33,626 38,071 99, ,832 Placement fees 3,140 1, ,828 1,250 Total Non-Compensation Expenses 38,849 41,117 33,411 33,905 38, , ,082 Total Expenses 125, , , , , , ,463 Net gains (losses) from investment activities 60,570 (6,230) (55,267) (47,432) 113,188 91,365 10,489 Net interest loss (5,972) (4,731) (4,971) (5,382) (4,858) (18,978) (15,211) Other income (loss), net 16, ,946 (2,319) 1,155 16,888 2,782 Other Income (Loss) 70,916 (10,812) (56,292) (55,133) 109,485 89,275 (1,940) Non-Controlling Interest (1,751) (1,135) (1,215) (1,364) (1,187) (3,244) (3,766) Economic Income $180,573 $155,421 $47,770 $71,368 $210,007 $411,009 $329,145 Fee Related Earnings $115,716 $111,211 $99,551 $99,697 $110,102 $272,980 $309,350 AUM ($ in millions) 157, , , , , , ,640 Fee-Generating AUM ($ in millions) 126, , , , , , ,326 22

30 Private Equity ($ in thousands, except where noted) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Management fees $76,079 $75,982 $71,160 $122,812 $123,304 $230,752 $317,276 Advisory and transaction fees, net 10,572 42,417 10,598 13,294 5,925 41,646 29,817 Performance fees: Unrealized 286, ,290 (445,468) 13,228 29, ,836 (403,235) Realized 21, , ,275 52,641 76, , ,662 Total performance fees 308, ,456 (166,193) 65, , ,653 5,427 Principal investment income (loss) 39,875 50,425 (17,531) 11,105 10,328 81,951 3,902 Total Revenues 434, ,280 (101,966) 213, ,308 1,020, ,422 Salary, bonus and benefits 31,467 29,865 35,021 36,509 33,673 93, ,203 Equity-based compensation 6,335 6,382 6,772 6,875 7,905 21,134 21,552 Profit sharing expense: Unrealized 96,992 94,951 (137,633) 6,380 8, ,025 (122,716) Realized 17,394 45, ,082 31,644 41, , ,279 Equity-based ,601 15,483 20,267 1,270 48,351 Total Profit Sharing Expense 115, ,651 (22,950) 53,507 70, , ,914 Non-compensation expenses: General, administrative and other 19,699 14,828 15,098 15,740 19,740 53,676 50,578 Placement fees 2, , Total Non-Compensation Expenses 21,956 14,879 15,149 15,772 19,791 57,408 50,712 Total Expenses 174, ,777 33, , , , ,381 Net gains (losses) from investment activities 7,959 (1,603) (11,877) (20,137) 42,074 11,255 10,060 Net interest loss (4,374) (3,645) (3,927) (3,857) (3,680) (12,952) (11,464) Other income (loss), net 7, (2,398) ,915 (1,481) Other Income (Loss) 10,929 (4,864) (15,553) (26,392) 39,060 24,218 (2,885) Economic Income (Loss)1 $270,951 $381,639 ($151,511) $74,025 $152,642 $608,370 $75,156 Fee Related Earnings $40,574 $74,043 $31,840 $83,918 $77,034 $147,670 $192,792 AUM ($ in millions) 70,469 72,432 68,949 71,731 72,157 70,469 72,157 Fee-Generating AUM ($ in millions) 30,067 29,792 43,758 44,449 44,007 30,067 44,007 1) YTD 17 includes $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding, which was recorded in Other income (loss). 23

31 Real Assets ($ in thousands, except where noted) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Management fees $18,470 $18,830 $17,973 $18,465 $20,094 $54,560 $56,532 Advisory and transaction fees, net 1, ,737 2,775 4,787 Performance fees: Unrealized (5,169) (3,147) (2,665) (258) 2,338 (1,639) (585) Realized 6,985 5,845 3,126 2, ,224 6,487 Total performance fees 1,816 2, ,544 2,897 10,585 5,902 Principal investment income (loss) (83) 922 (482) , Total Revenues 21,621 22,503 18,000 21,810 28,335 69,855 68,145 Salary, bonus and benefits 10,513 11,563 10,436 10,098 10,166 27,905 30,700 Equity-based compensation ,980 2,227 Profit sharing expense: Unrealized (4,812) (1,077) (1,091) (307) 1,775 (2,848) 377 Realized 3,636 2,940 1,586 1, ,528 3,194 Equity-based Total Profit Sharing Expense (1,176) 1, ,043 2,708 3,680 4,495 Non-compensation expenses: General, administrative and other 5,520 5,402 6,142 6,310 6,186 15,299 18,638 Total Non-Compensation Expenses 5,520 5,402 6,142 6,310 6,186 15,299 18,638 Total Expenses 15,655 19,753 18,181 18,298 19,581 48,864 56,060 Net gains (losses) from investment activities (13) Net interest loss (1,163) (1,044) (1,043) (1,097) (983) (3,634) (3,123) Other income (loss), net 2, (699) 1,277 2, Other Income (Loss) 881 (944) (973) (1,792) 294 (1,287) (2,471) Economic Income (Loss) $6,847 $1,806 ($1,154) $1,720 $9,048 $19,704 $9,614 Fee Related Earnings $5,899 $2,031 $1,508 $2,056 $9,922 $16,478 $13,486 AUM ($ in millions) 13,171 12,383 13,202 14,295 15,383 13,171 15,383 Fee-Generating AUM ($ in millions) 9,284 9,023 9,225 10,275 11,276 9,284 11,276 24

32 Reconciliation of GAAP Net Income Per Class A Share to Non-GAAP Per Share Measures ($ in thousands, except share data) 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $198,569 $184,893 ($62,645) $54,658 $162,357 $430,673 $154,370 Distributions declared on Class A shares (100,641) (75,571) (133,023) (76,602) (86,468) (279,307) (296,093) Distribution on participating securities (3,265) (2,403) (5,384) (4,153) (4,150) (9,419) (13,687) Earnings allocable to participating securities (3,218) (3,599) (3,633) (5,129) Undistributed income (loss) attributable to Class A shareholders: Basic $91,445 $103,320 ($201,052) ($26,097) $68,106 $136,818 ($155,410) GAAP weighted average number of Class A shares outstanding: Basic 192,882, ,609, ,432, ,711, ,347, ,014, ,837,707 GAAP Net Income (Loss) per Class A Share under the Two-Class Method: Basic $1.00 $0.92 ($0.34) $0.25 $0.77 $2.19 $0.70 Distributed Income $0.52 $0.39 $0.66 $0.38 $0.43 $1.46 $1.47 Undistributed Income (Loss) $0.48 $0.53 ($1.00) ($0.13) $0.34 $0.73 ($0.77) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $198,569 $184,893 ($62,645) $54,658 $162,357 $430,673 $154,370 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders to Income Before Income Tax Provision Differences1 252, ,430 (38,123) 108, , , ,380 Income (Loss) Before Income Tax Provision $450,905 $732,323 ($100,768) $162,734 $381,784 $1,037,261 $443,750 Income (Loss) Before Income Tax Provision to Economic Income (Loss) 1 ) ) ) ) ) Differences 7,466 (193,457 (4,127 (15,621 (10,087 1,822 (29,835 Economic Income (Loss) $458,371 $538,866 ($104,895) $147,113 $371,697 $1,039,083 $413,915 Income tax provision on Economic Income (Loss) (22,356) (44,155) (11,736) (29,690) (28,451) (83,125) (69,877) Preferred distributions (4,383) (4,383) (4,383) (8,952) (9,164) (9,155) (22,499) Economic Net Income (Loss) $431,632 $490,328 ($121,014) $108,471 $334,082 $946,803 $321,539 Weighted Average Economic Net Income Shares Outstanding2 403,015, ,097, ,854, ,253, ,996, ,034, ,364,956 Economic Net Income (Loss) per Share $1.07 $1.22 ($0.30) $0.27 $0.83 $2.35 $0.80 Economic Net Income (Loss) to Fee Related Earnings Differences1 (269,443) (303,043) 253,913 77,200 (137,024) (509,675) 194,089 Fee Related Earnings $162,189 $187,285 $132,899 $185,671 $197,058 $437,128 $515,628 Distributable Earnings Shares Outstanding 409,232, ,373, ,456, ,498, ,514, ,232, ,514,496 Fee Related Earnings per Share $0.40 $0.46 $0.32 $0.45 $0.48 $1.07 $1.25 Fee Related Earnings to Distributable Earnings Differences1 22, ,275 73,854 55,351 47, , ,049 Distributable Earnings $185,131 $327,560 $206,753 $241,022 $244,902 $682,442 $692,677 Taxes and Related Payables (7,272) (5,993) (11,198) (13,838) (9,734) (20,344) (34,770) Preferred distributions (4,383) (4,383) (4,383) (8,952) (9,164) (9,155) (22,499) Distributable Earnings After Taxes and Related Payables $173,476 $317,184 $191,172 $218,232 $226,004 $652,943 $635,408 Distributable Earnings Shares Outstanding2 409,232, ,373, ,456, ,498, ,514, ,232, ,514,496 Distributable Earnings per Share of Common & Equivalent $0.42 $0.77 $0.46 $0.53 $0.55 $1.59 $1.54 1) See page 5 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders, Income (Loss) Before Income Tax (Provision) Benefit, Economic Net Income (Loss), Fee Related Earnings and Distributable Earnings. 2) See page 28 for reconciliation of GAAP Class A shares outstanding to non-gaap shares outstanding. 25

33 Walkdown of Non-GAAP Measures 3Q'18 YTD 18 Results Per Share Results Per Share Management fees $339,905 $937,972 Advisory and transaction fees, net 12,972 41,546 Performance fees1 7,064 18,105 Salary, bonus and benefits (101,533) (312,565) Non-compensation expenses (64,743) (175,432) Other income attributable to Fee Related Earnings 4,580 9,768 Non-Controlling Interest (1,187) (3,766) Fee Related Earnings Fee Related Earnings $197,058 $0.48 $515,628 $1.25 Realized performance fees2 93, ,807 2 Payables Realized profit sharing expense (54,180) (187,637) Non-cash management fees (842) (2,527) Realized principal investment income 17,787 60,553 Net interest loss (9,521) (29,798) Depreciation and amortization and other 1,569 6,651 Taxes and related payables (9,734) (34,770) Distributable Earnings After Taxes and Related Preferred distributions (9,164) (22,499) Distributable Earnings After Taxes and Related Payables $226,004 $0.55 $635,408 $1.54 Taxes and related payables 9,734 34,770 Economic Net Income Unrealized performance fees 26,447 (373,356) Unrealized profit sharing expense (8,903) 104,983 Non-cash management fees 842 2,527 Non-cash realized performance fees 169,881 Non-cash realized profit sharing expense (46,623) Unrealized principal investment loss (49) (32,627) Unrealized gains from investment activities 155,262 20,560 Equity-based compensation (19,951) (53,342) Profit sharing expense: Equity-based3 (23,802) (56,288) Depreciation and amortization and other (3,051) (14,477) Income tax provision on Economic Income (28,451) (69,877) Economic Net Income $334,082 $0.83 $321,539 $0.80 1) Represents performance fees from business development companies. 2) YTD 18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3) Includes amortization related to grants of equity-based awards to certain executives. 26

34 Shareholder Distribution Generated $0.55 of Distributable Earnings After Taxes and Related Payables per Share of Common & Equivalent during the quarter Apollo declared a quarterly distribution of $0.46 per Class A share to holders of record as of November 20, 2018, which is payable on November 30, 2018 ($ in thousands, except per share data) 3Q'17 2Q'18 3Q'18 YTD'17 YTD'18 Distributable Earnings $185,131 $241,022 $244,902 $682,442 $692,677 Taxes and Related Payables1 (7,272) (13,838) (9,734) (20,344) (34,770) Preferred Distributions (4,383) (8,952) (9,164) (9,155) (22,499) DE After Taxes and Related Payables $173,476 $218,232 $226,004 $652,943 $635,408 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 4,706 11,808 7,702 14,091 28,677 DE Before Certain Payables2 178, , , , ,085 Percent to Common & Equivalents 49% 51% 51% 49% 51% DE Before Other Payables Attributable to Common & Equivalents 87, , , , ,800 Less: Taxes & Related Payables Attributable to Common & Equivalents (4,706) (11,808) (7,702) (14,091) (28,677) DE Attributable to Common & Equivalents $82,372 $105,543 $111,529 $311,890 $310,123 Per Share of Common & Equivalent3 $0.42 $0.53 $0.55 $1.59 $1.54 Retained Capital per Share of Common & Equivalent3,4 (0.03) (0.10) (0.09) (0.19) (0.27) Net Distribution per Share of Common & Equivalent3 $0.39 $0.43 $0.46 $1.40 $1.27 Payout Ratio 93% 81% 84% 88% 82% 1) Represents the estimated current corporate, local and non-u.s. taxes as well as the payable under Apollo s TRA. DE After Taxes and Related Payables is calculated after current taxes and the impact of the TRA. The TRA component of taxes used in calculating DE After Taxes was previously estimated based on the tax asset used to reduce the prior year s tax liability. In 2018, the DE effective tax rate, using this estimation methodology, results in an increase in the tax rate despite the significantly reduced federal tax rate under tax reform. We believe it is more meaningful to estimate the current year impact of the TRA component of taxes when calculating DE After Taxes. The impact of this change is not significant to DE After Taxes and Related Payables as previously reported; DE After Taxes and Related Payables would have been $165.3 million and $629.0 million in 3Q'17 and YTD'17, respectively. 2) DE Before Certain Payables represents Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo s TRA. 3) Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions (collectively referred to as common & equivalents ). See page 28 for the share reconciliation. 4) Retained capital is withheld pro-rata from common & equivalent holders. 27

35 Share Reconciliation 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 YTD'17 YTD'18 Total GAAP Weighted-Average Class A Shares Outstanding: Basic 192,882, ,609, ,432, ,711, ,347, ,014, ,837,707 Non-GAAP Adjustments: Apollo Operating Group Units 209,522, ,827, ,576, ,559, ,552, ,224, ,222,170 RSUs 210, ,636 1,176, , , , ,503 Restricted shares 400, , , , , , ,576 Weighted-Average Economic Net Income Shares Outstanding 403,015, ,097, ,854, ,253, ,996, ,034, ,364,956 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 Total GAAP Class A Shares Outstanding 193,540, ,267, ,550, ,585, ,089,465 Non-GAAP Adjustments: Apollo Operating Group Units 209,239, ,739, ,559, ,559, ,549,221 Vested RSUs 326,344 2,802, , , ,009 Economic Net Income Shares Outstanding 403,107, ,809, ,363, ,512, ,866,695 Unvested RSUs Eligible for Distribution Equivalents 6,125,190 3,563,604 8,093,212 8,986,376 9,647,801 Distributable Earnings Shares Outstanding 409,232, ,373, ,456, ,498, ,514,496 28

36 Unaudited Supplemental Presentation of Statement of Financial Condition As of September 30, 2018 Apollo Global Management, ($ in thousands) LLC and Consolidated Consolidated Funds and VIEs Eliminations Consolidated Subsidiaries1 Assets: Cash and cash equivalents $854,570 $4 $ $854,574 Restricted cash 3,460 3,460 U.S. Treasury securities, at fair value 390, ,448 Investments 3,487, (73,260) 3,415,165 Assets of consolidated variable interest entities 1,301,541 (312) 1,301,229 Incentive fees receivable 7,710 7,710 Due from related parties 345,552 (9,774) 335,778 Deferred tax assets 348, ,588 Other assets 208,117 (640) 207,477 Goodwill 88,852 88,852 Intangible assets, net 18,877 18,877 Total Assets $5,753,934 $1,302,210 ($83,986) $6,972,158 Liabilities and Shareholders Equity Liabilities: Accounts payable and accrued expenses $82,008 $ $ $82,008 Accrued compensation and benefits 159, ,516 Deferred revenue 182, ,045 Due to related parties 412, ,862 Profit sharing payable 684, ,594 Debt 1,361,024 1,361,024 Liabilities of consolidated variable interest entities 1,001,291 (47,032) 954,259 Other liabilities 142, ,021 Total Liabilities 3,024,070 1,001,291 (47,032) 3,978,329 Shareholders Equity: Apollo Global Management, LLC shareholders equity: Series A Preferred shares 264, ,398 Series B Preferred shares 289, ,815 Additional paid in capital 1,350,331 1,350,331 Accumulated deficit (273,535) 8,313 (8,313) (273,535) Accumulated other comprehensive income (loss) (3,402) (2,092) 1,894 (3,600) Total Apollo Global Management, LLC shareholders equity 1,627,607 6,221 (6,419) 1,627,409 Non-Controlling Interests in consolidated entities 7, ,698 (30,535) 271,379 Non-Controlling Interests in Apollo Operating Group 1,095,041 1,095,041 Total Shareholders Equity 2,729, ,919 (36,954) 2,993,829 Total Liabilities and Shareholders Equity $5,753,934 $1,302,210 ($83,986) $6,972,158 1) Represents amounts of the total combined segments. 29

37 Investment Records as of September 30, 2018 Drawdown ($ in millions) 1 Committed Total Invested Realized Remaining Unrealized Total 1 1 Vintage Year Total AUM Capital Capital1 Value1 Cost1 Value1 Value1 Gross IRR Net IRR Private Equity: Fund IX 2018 $24,927 $24,729 NM2 NM2 NM2 NM2 NM2 NM2 NM2 Fund VIII ,434 18,377 $14,716 $5,179 $12,034 $17,136 $22,315 23% 16% Fund VII ,452 14,677 16,198 30,482 3,254 3,170 33, Fund VI ,739 10,136 12,457 19,118 2,389 2,124 21, Fund V ,742 5,192 12, , Funds I, II, III, IV & MIA3 Various 14 7,320 8,753 17,400 17, Traditional Private Equity Funds4 $54,863 $78,981 $57,316 $84,890 $17,801 $22,471 $107,361 39% 25% ANRP II ,379 3,454 1, ,480 1,718 2, ANRP I ,323 1, , AION Hybrid Value Fund ,370 2, NM2 NM2 Total Private Equity9 $62,152 $86,957 $60,852 $86,882 $20,341 $25,253 $112,135 Credit: Credit Opportunity Funds COF III 2014 $1,884 $3,426 $5,045 $4,004 $1,324 $1,210 $5,214 2% 1% COF II ,583 2,176 3, , COF I ,485 1,611 4, , European Principal Finance Funds EPF III ,461 4, NM2 NM2 EPF II ,222 3,474 3,521 3,800 1,117 1,414 5, EPF I ,503 1,975 3, , Structured Credit Funds FCI III ,782 1,906 1, ,432 1,657 2,207 NM2 NM2 FCI II ,437 1,555 2,446 1,223 1,809 1,812 3, FCI I ,475 1, , SCRF IV ,155 2,230 1, ,145 1,449 1,812 NM2 NM2 SCRF III ,238 2,110 2,428 2, SCRF II SCRF I Other Drawdown Funds & SIAs6 Various 7,138 10,094 10,103 10,041 2,265 2,191 12, Total Credit10 $24,531 $33,836 $35,225 $35,429 $10,826 $11,492 $46,921 Real Assets: U.S. RE Fund II $1,065 $975 $562 $345 $413 $462 $807 20% 17% U.S. RE Fund I AGRE Debt Fund I ,178 2,181 1, , CPI Funds8 Various 381 4,973 2,570 2, , Asia RE Fund Total Real Assets11 $3,326 $9,486 $6,247 $5,452 $1,908 $1,769 $7,221 30

38 Investment Records Notes Note: The Drawdown funds included in the investment record table on page 30 have greater than $500 million of AUM and/or form part of a flagship series of funds. The SIAs included in the investment record table on page 30 have greater than $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. 1) Refer to the definitions of Vintage Year, Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value, Total Value, Gross IRR and Net IRR in the non-gaap financial information & definitions section of this presentation. 2) Data has not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and therefore such information was deemed not meaningful. 3) The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo s Managing Partners and other investment professionals. 4) Total IRR is calculated based on total cash flows for all funds presented. 5) Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of 1.00 to $1.16 as of September 30, ) Amounts presented have been aggregated for (i) Drawdown funds with AUM greater than $500 million that do not form part of a flagship series of funds and (ii) SIAs with AUM greater than $200 million that do not predominantly invest in other Apollo funds or SIAs. Certain SIAs historical figures are denominated in Euros and translated into U.S. dollars at an exchange rate of 1.00 to $1.16 as of September 30, Additionally, certain SIAs totaling $1.7 billion of AUM have been excluded from Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value and Total Value. These SIAs have an open ended life and a significant turnover in their portfolio assets due to the ability to recycle capital. These SIAs had $10.6 billion of Total Invested Capital through September 30, ) U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $156 million, $390 million and $365 million of co-investment commitments raised as of September 30, 2018, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of 1.00 to $1.30 as of September 30, ) As part of the acquisition of Citi Property Investors ( CPI ), Apollo acquired general partner interests in fully invested funds. CPI Funds refers to CPI Capital Partners North America, CPI Capital Partners Asia Pacific, CPI Capital Partners Europe and other CPI funds or individual investments of which Apollo is not the general partner or manager and only receives fees pursuant to either a sub-advisory agreement or an investment management and administrative agreement. For CPI Capital Partners North America, CPI Capital Partners Asia Pacific and CPI Capital Partners Europe, the gross and net IRRs are presented in the investment record table since acquisition on November 12, The aggregate net IRR for these funds from their inception to September 30, 2018 was (2%). This net IRR was primarily achieved during a period in which Apollo did not make the initial investment decisions and Apollo only became the general partner or manager of these funds upon completing the acquisition on November 12, ) Private equity co-investment vehicles, and funds with AUM less than $500 million have been excluded. These co-investment vehicles and funds had $10.0 billion of aggregate AUM as of September 30, ) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $2.5 billion of aggregate AUM as of September 30, ) Certain accounts owned by or related to Athene, certain co-investment vehicles and certain funds with AUM less than $500 million have been excluded. These accounts, co-investment vehicles and funds had $6.8 billion of aggregate AUM as of September 30, ) Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. 13) The investor in this U.S. Dollar denominated fund has chosen to make contributions and receive distributions in the local currency of each underlying investment. As a result, Apollo has not entered into foreign currency hedges for this fund and the returns presented include the impact of foreign currency gains or losses. The investor s gross and net IRR, before the impact of foreign currency gains or losses, from the fund s inception to September 30, 2018 was 10% and 9%, respectively. 31

39 Investment Records as of September 30, 2018 Liquid/Performing Net Returns ($ in millions) Vintage Year Total AUM 3Q'18 YTD'18 3Q'17 YTD'17 FY 17 Credit: Hedge Funds1 Various $7,036 2% 4% 1% 4% 5% CLOs2 Various 13, SIAs / Other Various 29, Total $49,977 Permanent Capital Vehicles Total Returns3 4 ($ in millions) IPO Year Total AUM 3Q'18 YTD'18 3Q'17 YTD'17 FY 17 Credit: MidCap5 N/A $8,423 6% 15% 3% 9% 12% AIF AFT AINV/Other ,503 4 (2) 12 6 Real Assets: ARI ,224 6% 10% % 17% 22% Total $18,961 Note: The above tables summarize the investment record for our Liquid/Performing and Permanent Capital Vehicles as defined in the non-gaap financial information & definitions section of this presentation (excluding Athene Non-Sub-Advised, which refers to that portion of Athene s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo, and Athora Non-Sub-Advised, which refers to that portion of Athora s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo). All amounts are as of September 30, 2018, unless otherwise noted. 1) Hedge funds primarily includes Apollo Credit Strategies Master Fund Ltd. and Apollo Credit Master Fund Ltd. 2) CLO returns are calculated based on gross return on invested assets, which excludes cash. Included within Total AUM of CLOs is $4.4 billion of AUM related to a standalone, self-managed asset management business established in connection with risk-retention rules, from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. CLO returns exclude performance related to this AUM. 3) Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. 4) An initial public offering ( IPO ) year represents the year in which the vehicle commenced trading on a national securities exchange. 5) MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 4%, 11%, 2%, 6% and 8% for 3Q'18, YTD'18, 3Q'17, YTD'17 and FY 17, respectively. Gross and net return are defined in the non-gaap financial information and definitions section of this presentation. 6) Included within Total AUM of AINV is $2.0 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Net returns exclude performance related to this AUM. 32

40 Non-GAAP Financial Information & Definitions Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ( Non-GAAP ): Economic Income, or EI, as well as Economic Net Income, or ENI, are key performance measures used by management in evaluating the performance of Apollo s credit, private equity and real assets segments. Management uses these performance measures in making key operating decisions such as the following: Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo s shareholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo s performance and growth for the year. EI represents segment income (loss) before income tax provision excluding transaction-related charges arising from the 2007 private placement, and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, EI excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements. We believe the exclusion of the non-cash charges related to the 2007 Reorganization for equity-based compensation provides investors with a meaningful indication of our performance because these charges relate to the equity portion of our capital structure and not our core operating performance. EI also excludes impacts of the remeasurement of the tax receivable agreement which arises from changes in the associated deferred tax balance, including the impacts related to the Tax Cuts & Jobs Act enacted on December 22, 2017 (the TCJA ). ENI represents EI adjusted to reflect income tax provision on EI that has been calculated assuming that all income is allocated to Apollo Global Management, LLC, which would occur following an exchange of all AOG Units for Class A shares of Apollo Global Management, LLC. ENI excludes the impacts of the remeasurement of deferred tax assets and liabilities which arises from changes in estimated future tax rates, including impacts related to the TCJA. The economic assumptions and methodologies that impact the implied income tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo s consolidated statements of operations under U.S. GAAP. ENI is net of preferred distributions, if any, to Series A and Series B Preferred shareholders. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from EI and ENI, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates and may change due to changes in interpretations and assumptions based on additional guidance that may be issued pertaining to the TCJA. Fee Related Earnings, or FRE, is derived from our segment reported results and refers to a component of EI that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees earned from business development companies and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. Distributable Earnings, or DE, as well as DE After Taxes and Related Payables are derived from Apollo s segment reported results, and are supplemental measures to assess performance and the amount of earnings available for distribution to Class A shareholders, holders of RSUs that participate in distributions and holders of AOG Units. DE represents the amount of net realized earnings without the effects of the consolidation of any of the related funds. DE, which is a component of EI, is the sum across all segments of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses, excluding depreciation and amortization expense. DE After Taxes and Related Payables represents DE less estimated current corporate, local and non-u.s. taxes as well as the payable under Apollo s tax receivable agreement. DE After Taxes and Related Payables is net of preferred distributions, if any, to Series A and Series B Preferred shareholders. 33

41 Non-GAAP Financial Information & Definitions Cont d Assets Under Management, or AUM, refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: i) the fair value of the investments of the private equity funds, partnerships and accounts we manage or advise plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments; ii) the net asset value, or NAV, of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations ( CLOs ) and collateralized debt obligations ( CDOs ), which have a fee-generating basis other than the mark-to-market value of the underlying assets, plus used or available leverage and/or capital commitments; iii) the gross asset value or net asset value of the real assets funds, partnerships and accounts we manage, and the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, which includes the leverage used by such structured portfolio company investments; iv) the incremental value associated with the reinsurance investments of the portfolio company assets we manage or advise; and v) the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report Regulatory Assets Under Management on Form ADV and Form PF in various ways. We use AUM, Capital Deployed and Dry Powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. AUM with Future Management Fee Potential refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund. Fee-Generating AUM consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on net asset value, gross assets, adjusted par asset value, adjusted cost of all unrealized portfolio investments, capital commitments, adjusted assets, stockholders equity, invested capital or capital contributions, each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. Performance Fee-Eligible AUM refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee- Eligible AUM, which consists of the following: Performance Fee-Generating AUM, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; AUM Not Currently Generating Performance Fees, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is currently below its hurdle rate or preferred return; and Uninvested Performance Fee-Eligible AUM, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner. 34

42 Non-GAAP Financial Information & Definitions Cont d Advisory refers to certain assets advised by Apollo Asset Management Europe PC LLP, a wholly-owned subsidiary of Apollo Asset Management Europe LLP (collectively, AAME ). The AAME entities are subsidiaries of Apollo. Capital deployed or Deployment is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our drawdown funds (ii) SIAs that have a defined maturity date and (iii) funds and SIAs in our real estate debt strategy. Drawdown refers to commitment-based funds and certain SIAs in which investors make a commitment to provide capital at the formation of such funds and SIAs and deliver capital when called as investment opportunities become available. It includes assets of Athene Holding Ltd. ( Athene Holding ) and its subsidiaries (collectively Athene ) managed by Athene Asset Management, LLC ( Athene Asset Management or AAM ) that are invested in commitment-based funds. Distributable Earnings Shares Outstanding or DE Shares Outstanding represents Non-GAAP Diluted Shares Outstanding and unvested RSUs that participate in distributions. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share described below. Dry Powder represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses. Gross IRR of a credit fund represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated ( USD ) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. Gross IRR of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on September 30, 2018 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. Gross IRR of a real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on September 30, 2018 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. Gross Return of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund s portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub-advised portfolios and CLOs represent the gross returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period s return over time. Inflows represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments. Liquid/Performing includes CLOs and other performing credit vehicles, hedge fund style credit funds, structured credit funds and SIAs, as well as sub-advised managed accounts owned by or related to Athene. Certain commitment-based SIAs are included as the underlying assets are liquid. Net IRR of a credit fund represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. Net IRR of a private equity fund means the gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. 35

43 Non-GAAP Financial Information & Definitions Cont d Net IRR of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of September 30, 2018 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. Net Return of a credit or real assets fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub-advised portfolios and CLOs represent the gross or net returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period s return over time. Non-GAAP Diluted Shares Outstanding is calculated using the GAAP outstanding Class A shares plus non-gaap adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the vested RSUs in the form of Class A shares during the period. Management uses this measure, taking into account the unvested RSUs that participate in distributions, in determining our Class A shares eligible for cash distributions. Non-GAAP Weighted Average Diluted Shares Outstanding is calculated using the GAAP weighted average outstanding Class A shares plus non-gaap adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the weighted average vested RSUs in the form of Class A shares during the period. Management uses this measure in determining EI and ENI per share. Permanent Capital Vehicles refers to (a) assets that are owned by or related to Athene ( ATH ) or Athora Holding Ltd. ( Athora ), (b) assets that are owned by or related to MidCap FinCo Designated Activity Company ( MidCap ) and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation ( AINV ), Apollo Commercial Real Estate Finance, Inc. ( ARI ), Apollo Tactical Income Fund Inc. ( AIF ), and Apollo Senior Floating Rate Fund Inc. ( AFT ), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not interested persons as defined in the Investment Company Act of In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI s independent directors. The investment management or advisory arrangements between MidCap and Apollo and Athene and Apollo, may also be terminated under certain circumstances. Private Equity fund appreciation (depreciation) refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-VIII), ANRP I & II, Apollo Special Situations Fund, L.P. and AION Capital Partners Limited ( AION ) for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period s return over time; Realized Value refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund. Remaining Cost represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. Total Invested Capital refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves. Total Value represents the sum of the total Realized Value and Unrealized Value of investments. Traditional Private Equity fund appreciation (depreciation) refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-VIII) for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period s return over time; Unrealized MOIC or Unrealized Multiple of Invested Capital is calculated as Unrealized Value divided by Remaining Cost; Unrealized Value refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include pay in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments; and Vintage Year refers to the year in which a fund s final capital raise occurred, or, for certain funds, the year in which a fund s investment period commences as per its governing agreements. 36